- If the primary borrower pays a late car payment, it lowers his credit score along with the cosigner's credit score, according to the website Bills. The cosigner may not even know about late payments because he doesn't receive a monthly statement.
- Cosigned car loan debt shows up on the cosigner's credit report just as it shows up on the primary borrower's credit report, states Experian Information Solutions. This means any debt affects the cosigner's debt-to-income ratio and could prevent her from qualifying for a loan of her own.
- Some lenders overlook cosigner debt if they see a consistent positive payment history and have proof of steady income, according to Mortgage House Inc.
- Cosigners should make sure their finances allow for full financial responsibility if the primary borrower cannot pay the car loan payments.
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